Some 63 insurtech deals were announced in the fourth quarter of last year, totalling $US1.59 billion ($2.26 billion), according to Willis Towers Watson.

The number of deals, including all-stage investments in property and casualty and life and health ventures, was up 24%, with the cash sum rising 155% compared with the corresponding period of 2017.

It made for the second-best quarter behind the second quarter of 2015.

After rising for several years, the number of strategic insurtech investments by (re)insurers fell 6% from its peak in last year’s second quarter to 11, but funding increased 230% to $US218 million ($309.87 million).

The global industry maintains a record 31 partnerships with tech companies, according to the Willis Towers Watson Quarterly Insurtech Briefing.

China was the second-largest investor in insurtech after the US in the fourth quarter, while investment from the UK declined by 9%.

Funding volumes in the property and casualty sectors increased 89%.